Morocco’s state utility ONEE has awarded two spot coal tenders at slightly more than $160 a tonne delivered, a level not seen for some time, while European coal prices moved against rising gas and power prices.
ONEE bought coal for its Mohammedia and Jerada plants, delivered into Casablanca and Nador. TAQA Morocco appears to have covered its 2027 needs at about $147/t delivered to Jorf Lasfar.
Buyers are still covering needs at high prices. In Europe, coal fell on a day when gas and power rose — another instance of the divergence seen over the past two weeks.
Whether gas weakens: European coal is supported mainly by expensive gas and strong coal-plant margins, and could correct if gas eases.
Moroccan utilities are still buying even with coal close to its recent highs. ONEE awarded two spot tenders, for the Mohammedia and Jerada power plants, at slightly over $160 a tonne CFR into the ports of Nador and Casablanca. TAQA Morocco appears to have bought its 2027 coal at a fixed price $1.50 below the financial contract for calendar 2027, equivalent to about $147 a tonne CFR Jorf Lasfar.
In north-west Europe, spot physical coal delivered to Amsterdam–Rotterdam–Antwerp (DES ARA) was flat at $150 a tonne and has hovered around that level for several days. The December financial contract had a volatile session: it opened at $155.50 and closed at $150.50, down $1 from Friday, largely realigning with physical prices. Calendar 2027 slipped $0.50 to $147.50.
Gas and power moved the other way. The Dutch TTF gas contract for December rose 2.2% to €95.82/MWh and German power rose 2.3% to €205.40/MWh. EU gas storage was 74.6% full, compared with 83% a year earlier, while Norwegian flows to the EU rose by 9 million cubic metres to 323.7 million cubic metres a day.
European coal is being held up by those very high gas prices and strong clean dark spreads, which make coal plants profitable to run. Prices across the curve remain exposed to a sharper downward correction, but the report’s view is that now may not be the moment for it. Its forecast for DES ARA coal and TTF gas is neutral to positive.
Source: Industry coal market report, 26 October 2026. Figures as reported on 26 October 2026; forecasts are the report author's and may be revised. Summary and wording by Megawise.
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